v3.26.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenues:    
Total revenues, net $ 59 $ 441
Operating expenses:    
Cost of product sales 0 (366)
Research and development 50,084 24,437
Acquired in-process research and development 0 27,641
General and administrative 22,900 17,241
Total operating expenses 72,984 68,953
Loss from operations (72,925) (68,512)
Other (expense) income:    
Change in fair value of derivative liability (9,520) (2,930)
Interest income, net 4,351 3,312
Excess of initial warrant fair value over private placement proceeds 0 (79,276)
Change in fair value of warrant liability 0 121,611
Private placement transaction costs 0 (9,220)
Total other (expense) income, net (5,169) 33,497
Loss before income taxes (78,094) (35,015)
Income tax expense 165 114
Net loss $ (78,259) $ (35,129)
Net loss per share of common stock - basic (in dollars per share) $ (5.84) $ (7.94)
Net loss per share of common stock - diluted (in dollars per share) $ (5.84) $ (20.91)
Weighted average common shares outstanding - basic (in shares) 13,404,830 4,426,149
Weighted average common shares outstanding - diluted (in shares) 13,404,830 7,496,389
Comprehensive loss    
Net loss $ (78,259) $ (35,129)
Other comprehensive income:    
Unrealized income on investments, net 68 0
Comprehensive loss (78,191) (35,129)
Product revenue, net    
Revenues:    
Total revenues, net $ 59 $ 441